HEIMDALL-POWER
Heimdall Power, the global leader in power grid optimization, today announced a $25 million USD capital raise in a Series B financing. The round was co-led by the international energy company Orlen, Nordic cleantech fund NRP Zero, and the Steinsvik Family Office. Existing shareholders, including Investinor, Eviny, Hafslund, Lyse, and Sarsia Seed, participated in the round with a combined $8.5 million USD.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240716656922/en/
New and existing investors united in Heimdall Power’s Oslo HQ to celebrate the successful funding round. Photo: Jola McDonald
Founded in 2016, Heimdall Power delivers software and sensors for the monitoring of overhead power lines. The technology enables electric utilities to increase transmission capacity in their high-voltage power grids by 40% on average, while simultaneously improving the safety and efficiency of their operations. Heimdall Power’s solutions allow utilities to optimize existing power grid assets, reducing or delaying the need for expensive infrastructure upgrades, while making utilities better prepared to meet the growing electricity demand fueled by the ongoing energy transition.
The sphere-shaped sensor-units, called Neurons by Heimdall Power, gather live data that allows the company’s advanced software to assess the actual transmission line capacity in real-time. This way, utilities can harness the increased capacity made available by Dynamic Line Ratings (DLR), moving on from the traditional static or seasonal line ratings that limit grid operators from utilizing power grids in a dynamic fashion.
The Neuron’s unique design and remarkable ability to squeeze more capacity out of the existing infrastructure has earned it recognition as a “Magic Ball” by top global media outlets like the Wall Street Journal, Forbes, and Yahoo. The sensor units can be installed in a matter of seconds on live power lines through a patented autonomous drone system, providing unrivaled scalability and efficiency while ensuring safety of workers. By combining them with their digital sibling, the AI-powered Virtual Neuron, Heimdall Power is the first to offer precise monitoring of overhead lines at system-wide scale.
“We have reached many key milestones in Heimdall Power during the past year, but this is the biggest yet and the timing is perfect. The U.S. government recently announced a goal to upgrade 100,000 miles of transmission lines in the next few years, and powered by this Series B round, we’ll do our fair share to fulfill that vision,” said Jørgen Festervoll, CEO of Heimdall Power. “This funding gives us fuel to grow internationally, as we continue to build our organization with the best people and industry experts in the world. It will also allow us to make further investments in our tech-development, taking scalability to the next level as we strengthen our position as the clear world-leader within Grid-Enhancing Technologies,” Festervoll concluded.
Heimdall Power is trusted by more than 40 utilities in 17 countries across Europe, Asia, and the U.S. The company recently caught the attention of the U.S. government after launching the largest grid optimization project in the United States with Minnesota’s Great River Energy, and was subsequently invited to the White House in Washington D.C. for a summit on Grid Modernization.
“Heimdall Power has built itself a unique position as an enabler for the ongoing energy transition with, fast-increasing electricity demand and queues of renewables waiting to get connected. As the owner of one of Poland’s four utilities, we have observed the growing challenges power grids around the world are facing” said Marek Garniewski, President of the Management Board at Orlen VC. “The ability of Heimdall’s solutions to increase grid capacity by 40% is not just impressive, it's transformative. Combined with the increasingly strong governmental interest and new mandates coming out of the U.S. and Europe we are happy to be part of this investment opportunity, supporting Heimdall Power in their ongoing international growth journey.”
Sharing in the excitement about the company’s future, Patrick Sandahl, Investment Director at Investinor, added: "As both an investor and board member, I've witnessed Heimdall Power's remarkable journey firsthand. Their technology has already started to reshape the entire energy sector. This funding round is a testament to the team's vision and execution, cementing Heimdall Power’s pivotal role in modernizing power grids globally."
About Heimdall Power
Heimdall Power is a technology company that specializes in power grid optimization, making the world's grids smarter, more capable and more sustainable. Heimdall Power’s technology is trusted by over 40 utilities in 17 countries, across Europe, Asia and in the United States, where it has successfully increased power grid capacity for companies like Swissgrid, Austrian Power Grid, TenneT and Great River Energy by as much as 40% on average. The company designs and develops smart software solutions and industrial devices in support of its mission to enable a swift, secure and affordable energy transition around the world. Heimdall Power was founded in 2016 with European headquarters in Oslo, Norway and US headquarters located in Charlotte, North Carolina.
About ORLEN Group
The ORLEN Group is an integrated multi-utility energy company listed in the prestigious global Fortune Global 500. It was the first company in the region to declare achieving total emission neutrality in 2050. Thanks to the recent acquisitions and mergers, it became one of the 150 largest companies in the world. The company operates on 10 home markets: Poland, Czech Republic, Germany, Lithuania, Slovakia, Hungary, Austria, Canada, Norway and Pakistan. By the end of this decade, ORLEN will invest over PLN 320 billion to implement strategic projects, of which approximately 40% will be allocated to green investments, including wind energy at sea and on land, photovoltaics, biogas and biomethane, biofuels, electromobility, green hydrogen and synthetic fuels.
About NRP Zero
NRP Zero is an Oslo-based industrial cleantech fund manager investing in late-stage venture companies accelerating the energy transition and optimizing resource efficiency with a positive impact beyond the Nordics. Through active engagement with companies’ management teams and stakeholders, we seek to amplify long-term returns while delivering positive and sustainable environmental outcomes. The investment team comprises of five professionals with longstanding experience in active ownership at the cross-section of industry, energy and finance.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240716656922/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Kioxia Develops Core Technology that Will Allow the Practical Implementation of High-density, Low-power 3D DRAM12.12.2025 06:24:00 CET | Press release
Showcase the technology of highly stackable oxide-semiconductor channel transistors Kioxia Corporation, a world leader in memory solutions, today announced the development of highly stackable oxide-semiconductor channel transistors that will enable the practical implementation of high-density, low-power 3D DRAM. This technology was presented at the IEEE International Electron Devices Meeting (IEDM) held in San Francisco, USA, on December 10, and has the potential to reduce power consumption across a wide range of applications, including AI servers and IoT components. In the era of AI, there is growing demand for DRAM with larger capacity and lower power consumption that can process large amounts of data. Traditional DRAM technology is reaching the physical limits of memory cell size scaling, prompting research into the 3D stacking of memory cells to provide additional capacity. The use of single-crystal silicon as the channel material for transistors in stacked memory cells, as is the
Andersen Global styrker sine juridiske kapaciteter med tilføjelsen af brasiliansk medlemsfirma11.12.2025 18:49:00 CET | Pressemeddelelse
Andersen Global udbygger sin juridiske platform i Brasilien, da Lotti e Araújo bliver et medlemsfirma, hvilket styrker organisationens kapacitet i Latinamerika. Lotti e Araújo blev stiftet for over 20 år siden og tilbyder omfattende juridisk rådgivning til brasilianske og multinationale klienter inden for en lang række brancher. Dets tværfaglige praksis omfatter selskabsret, skatteret, arbejdsret, retssager, inkasso og inddrivelse af gæld – samt specialiseret arbejde med at identificere skjulte aktiver og inddrive anke- og retsindskud i ældre sager. Firmaet håndterer også voldgift, forvaltningsret, udenlandske investeringer, fast ejendom, intellektuel ejendomsret, databeskyttelse og virksomhedsomstrukturering og tilbyder juridisk assistance inden for selskabsdannelse og repræsentation over for tilsynsmyndigheder. Teamet rådgiver klienter om forebyggende juridiske strategier og komplekse tvister for administrative organer og domstole i Brasilien. "Hos Lotti e Araújo bygger vores praksis
BEYOND Developments Reveals a New Vision for Purposeful Living on Dubai Islands with SIORA11.12.2025 18:02:00 CET | Press release
A 2M sqft masterplan inspired by Japanese garden principles, crafted around balance, clarity, and the quiet rhythm of coastal life BEYOND Developments, the bold and design-led real estate developer shaping next-generation waterfront destinations in the UAE, today unveiled SIORA, its first beachfront masterplan on Dubai Islands and the company’s second large-scale community within a year. The launch underscores BEYOND’s accelerated growth and strong alignment with Dubai’s future urban vision. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251211014389/en/ BEYOND Developments - SIORA Masterplan at sunset - Dubai Islands (Photo: AETOSWire) Spanning over 2M square feet, SIORA is conceived as a coastal sanctuary inspired by Japanese garden philosophies, including the pursuit of Ikigai, the Japanese concept of finding purpose and fulfilment in everyday life. In this context, it reflects a philosophy of creating spaces that bring c
3Degrees Welcomes David Dines to Board of Directors11.12.2025 17:00:00 CET | Press release
3Degrees, a global leader in renewable energy and climate solutions, is pleased to announce the appointment of David Dines to its Board of Directors, effective December 8, 2025. Dines brings more than four decades of leadership experience across global energy, commodities, financial services, transportation, and industrial markets. He served on the executive team as Chief Financial Officer and Corporate Senior Vice President at Cargill, Inc., the largest privately held company in the United States, where he oversaw enterprise-wide financial strategy, capital deployment, and financial performance. During his 29-year career at Cargill, Dines led multiple global businesses, played key roles in major technology and process transformations, and was a member of Cargill’s Commodity Risk, Financial Risk, and Process, Data, and Technology Committees. “We are thrilled to welcome David to the 3Degrees board,” said Philippe Vedrenne, CEO, 3Degrees. “He has an exceptional command of financial stewa
ITC Infotech wins PTC Partner Network Award for FY25 in the PLM Category11.12.2025 15:40:00 CET | Press release
ITC Infotech’s DxP Services earns recognition for its strong PLM expertise, unwavering commitment to delivering customer value, and strategic collaboration with PTC to drive innovation through SaaS-led offerings and accelerate digital transformation for customers. ITC Infotech, a leading global technology services and solutions provider, has been awarded the PTC Partner Network Award for FY25 in the Product Lifecycle Management (PLM) category. This prestigious recognition, awarded to a single partner globally, celebrates excellence in deploying Enterprise PLM software, enabling global and cross-functional teams to effectively manage product data and providing a trusted system for product information. The award underscores ITC Infotech’s leadership in PLM-led digital transformation, as well as its strategic alignment with PTC’s Intelligent Product Lifecycle vision, which helps customers build a structured product data foundation that serves as the backbone for AI-driven transformation.
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom